Olympics: Pyeongchang denies $520 million funding demand

The South Korean organisers of the 2018 Winter Olympics said Thursday they were adjusting the event budget, but denied a report that they had already requested an additional $520 million in government funding. The initial budget for the event in the South Korean ski resort of Pyeongchang was around 2.2 trillion won ($1.9 billion) but the cost is believed to have increased substantially, especially where infrastructure projects are concerned. Pyeongchang Organising Committee (POC) spokeswoman You Jihyun said a revised budget was being prepared to reflect cost changes from the original budget which she noted was based on the host site’s 2011 bid.